Higher-than-expected inflation figures were released with the PPI report showing a 0.9 percent increase in July. Services prices rose 1.1 percent and goods by 0.7 percent. The annual unadjusted increase for final demand was 3.3 percent. Rick Santelli expressed shock during a live broadcast, emphasizing the significance of the numbers and their implications for interest rate adjustments. The core inflation figure also surprised analysts, surpassing expectations and marking the highest increase since March 2022.
Be very careful how we look at some of these numbers. We're a couple seconds away, folks, from our July release of the Producer Price Index. Headline number is WHOPPINGLY big! Oh my goodness! Up 9 tenths of a percent. Up 9 tenths. And if you strip out food and energy, guess what? It's still up 9/10ths.
Boy, that equals June of 22! You're at the March of 22 on the headline to find a bigger number. On the core number, that would come to March of 22 since we've had a number of that magnitude when it was 1.2%.
Now, let's look at ex-food energy and trade, triple the expectations! All three of those were expected to be up 2 tenths. This is up 6 tenths, 6 tenths would be the highest level since March of 2022 when it was 9 tenths.
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